The coin market in Iran witnessed severe price fluctuations from the afternoon of Saturday, July 13. The price of the new design coin suddenly rose by more than 180,000 tomans after a few hours of decline. The Tehran Gold, Coin, and Currency Information Network reported that at 6 PM on Saturday, the price of the new design coin was 2,866,000 tomans, which is an increase of 162,050 tomans compared to the previous Thursday. The website recorded the highest price of the new design coin on Friday at 2,881,000 tomans and the lowest at 2,696,000 tomans, indicating a fluctuation of 185,000 tomans. The Iranian Students' News Agency (ISNA) reported earlier that the increase in the dollar rate was the main reason for the surge in coin prices. According to ISNA, the price of the Bahar Azadi coin initially dropped sharply on Saturday morning but experienced a sudden surge from 1 PM. ISNA also reflected the comments of Mohammad Kashti Aray, a board member of the Gold and Jewelry Sellers Union, who stated, 'The gold market started its week with a significant decrease [in prices], and from 11 AM to 1 PM, prices were declining, but shortly after, due to the increase in currency market prices, gold and coin prices also began to rise.' Official websites and exchange offices in Iran only show the government rate for the US dollar, which is 4,327 tomans, an increase of 8 tomans compared to the previous Thursday, according to Tasnim News Agency. However, the statistics from these websites indicate a surge in the euro price against the Iranian currency. The last price announced by the Tehran Gold, Coin, and Currency Information Network for the euro was 9,349 tomans, which is 212 tomans more expensive than on Thursday. The British pound also increased by 254 tomans to reach 10,294 tomans. The severe surge in currency rates in recent months has led to economic and political crises in Iran, evidenced by the closure of the Tehran market and several other major cities, as well as protests by merchants and clashes with security forces. In this situation, as US sanctions against Iran loom, President Hassan Rouhani has attempted to assure that the country will not face problems and that people will get through this. Sources: ISNA and Tasnim news agencies, Tehran Gold, Coin, and Currency Information Network.
Severe Fluctuations in Iran's Coin Market
Iran's coin market experienced significant price fluctuations, with the price of the new design coin rising sharply due to the increase in the dollar rate. This situation reflects broader economic and political crises in Iran, exacerbated by impending US sanctions. The government is attempting to reassure the public amid rising tensions.
👥 Key Players
📰 What Happened
Iran's coin market experienced significant price fluctuations, with the price of the new design coin rising sharply due to an increase in the dollar rate. This reflects broader economic instability in the country.
- The new design coin's price increased by 162,050 tomans from the previous Thursday.
- The fluctuation in coin prices is linked to the rising dollar rate against the Iranian toman.
💡 Why It Matters
📚 Background
Iran is facing severe economic challenges due to US sanctions, leading to currency devaluation and market instability.
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